- By Aditya Pratap Singh
- Wed, 03 Jul 2024 01:58 PM (IST)
- Source:JND
Mcure Pharma IPO Subscription Rate: The Mcure Pharmaceuticals IPO received bids worth 0.31 times of the total shares on offer on the first day of subscription, till 1:06 PM today. The initial share sale worth Rs 1,952.03 crore opened for subscription today and investors can place their bids till 4:50 PM on July 5.
The pharma company's IPO comprises a fresh issue of shares worth Rs 800 crore and an offer for sale (OFS) of 1.14 lakh equity shares worth Rs 1,152.03 crore. Promoters Satish Ramanlal Mehta, Namita Vikas Thapar, Sunil Rajanikant Mehta, and Samit Satish Mehta, among others, are offloading their stake. Till mid-day, Non-institutional investors led the pack with 0.4 times subscription against the reserved quota, while retail investors subscribed 0.38 times against the reserved quota.
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M-cure Pharma employees showed an immense interest in the issue, with bids amounting to 0.81 times their allotted quota. The portion reserved for qualified institutional buyers (QIBs) has not received any bids so far. A day before the IPO of the pharma company went live, Emcure Pharmaceuticals had raised Rs 582.6 crore through a head book.
Leading global investors, including Abu Dhabi Investment Authority, Goldman Sachs, and Morgan Stanley, bought over Rs 71 lakh crore of the company's shares from the primary book.
How much Namita Thapar will make from the IPO Expected
As per media reports, the notable investors and promoters include Namita Thapar and Satish Mehta as well as BC Investments IV Ltd, a subsidiary of US-based private equity firm Bain Capital is set to reduce their stakes through OFS. Namita Thapar, a known face as Shark in Shark Tank India, is expected to earn around Rs 127 crore from the initial public offering (IPO). As per Moenycontrol Thapar, who bought shares in Emcure at an average price of Rs 3.44 per share, will sell around 12.68 lakh shares as part of the OFS.